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Unemployment insurance for my mortgage, joint mortgage but payment comes from my account, do i need joint insurance, thanks

reededdie
by reededdie 08 May 2009  |  Comments 2 comments  |  Love Love  0 loves

We could handle it if my partner was temporarily out of work

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  • slickneeson
    Love rating 0
    slickneeson posted

    The lender may well require a joint unemployment policy if the account is joint (which it sounds like it might be). Unemployment insurance should be optional, so you don't have to have it, and it should be cheaper if you are only insuring one person. If your mortgage is your biggest outlay, I would consider making an overpayment on your mortgage (say 3 months premium). You could always then stop paying for 3 months if you were made redundant. Your lender would have to allow overpayments some of them a limit how much you can pay, so check the small print first - but this would be far cheaper if you only want cover to pay the mortgage. Most unemployment cover comes bundled with Accident and sickness insurance (ASU) which you may not want. Best of luck.

    Posted on 08 May 2009 | Love Love  0 loves Report
  • TheWelshman
    Love rating 63
    TheWelshman posted

    Hi Reededdie

    Slickneeson is right. You do not need to have a joint policy, it is all about attitude to risk and affordability. Its a great idea to overpay your mortgage at any time but if its something your can't afford and you only want cover for yourself as a main income earner then it is possible.

    The insurance market for unemployment only has shrunk over the past six months so you might need to shop around for a good quote.

    If you would like to discuss this further or you would like us to shop around for you, you can drop me an email on tim.wilson@foolfinance.co.uk or give us a ring on 0800 804 8045

    Regards

    The Welshman

    Posted on 11 May 2009 | Love Love  0 loves Report

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